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Stock Market & Financial Investment News

News Breaks
July 8, 2014
10:28 EDTZBRA, VRTX, VSTM, TFM, KPTI, ZINC, HOS, EBKDY, BRKR, BECNOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Beacon Roofing (BECN) downgraded to Market Perform from Outperform at William Blair... Bruker (BRKR) downgraded to Neutral from Buy at ISI Group... Erste Group Bank (EBKDY) downgraded to Hold from Buy at Deutsche Bank... Hornbeck Offshore (HOS) downgraded to Equal Weight from Overweight at Stephens... Horsehead Holding (ZINC) downgraded to Market Perform at FBR Capital... Karyopharm (KPTI) downgraded to Perform from Outperform at Oppenheimer... The Fresh Market (TFM) downgraded to Sell from Neutral at Goldman... Verastem (VSTM) downgraded to Perform from Outperform at Oppenheimer... Vertex (VRTX) downgraded to Perform from Outperform at Oppenheimer... Zebra Technologies (ZBRA) downgraded to In-Line from Outperform at Imperial Capital.
News For BECN;BRKR;EBKDY;HOS;ZINC;KPTI;TFM;VSTM;VRTX;ZBRA From The Last 14 Days
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July 28, 2014
10:25 EDTBECNArmstrong World falls as Q2 EPS, revenue miss expectations, guidance disappoints
Shares of flooring products and ceiling systems manufacturer Armstrong World (AWI) are tumbling after the company reported lower than expected second quarter results and its fiscal year 2014 outlook missed expectations. WHAT'S NEW: Armstrong World's Q2 EPS was 38c, which may not compare to analysts' consensus of 66c. The company's Q2 revenue was $710M, which missed analysts' expectations of $724.81M. Despite the increase in sales, operating income and net income both declined. Manufacturing and input costs increased driven primarily by rising lumber costs and the margin impact of lower volumes, only partially offset by favorable price and mix. Results for Q2 were also impacted by approximately $8M for severance and other charges primarily associated with the decision to close the company's resilient flooring plant in Thomastown, Australia and the company's engineered wood flooring plant in Kunshan, China. In Armstrong World's Resilient Flooring segment, the company said that net sales in Q2 declined due to lower volumes in the Americas and Europe which were only partially offset by positive contributions from mix. Q2 total net sales for the segment totaled $247.1M. In the company's Wood Flooring segment, Armstrong World said Q2 operating income declined due to increases in manufacturing and input costs driven by rising lumber costs and the margin impact of lower volumes, but gross profit still improved over the prior year period driven by favorable price and mix However, results were impacted by approximately $4M of idle equipment impairment charges and $3M of severance and other charges associated with the closure of its engineered wood flooring plant in Kunshan, China. Q2 total net sales for the segment totaled $139.4M. WHAT'S NOTABLE: Looking ahead, the company expects third quarter revenue of $740M-$780M, which falls in-line with analysts' consensus of $758.99M. The flooring company sees FY14 adjusted EPS of $2.15-$2.40, significantly lower than analysts' consensus of $2.60. Armstrong also lowered its FY14 revenue guidance to $2.7B-$2.8B, while analysts' consensus guided to $2.81B for the year. The company sees Q3 adjusted earnings before interest, taxes, depreciation and amortization of $110M-$130M and FY14 adjusted EBITDA $370M-$400M and sees FY14 free cash flow $20M-$60M. Armstrong World Chief Executive Officer Matt Espe said, "Despite soft sales, we delivered Q2 adjusted EBITDA in the middle of our guidance range. The softer demand environment we experienced in the quarter and in the first half of 2014 has tempered our outlook for the back half of the year." PRICE ACTION: During morning trading, shares of Armstrong World fell $4.56 or 8.24%, to $50.81. OTHERS TO WATCH: Armstrong World peer Mohawk Industries (MHK) shares are down over 2% to $126.62.
07:02 EDTBRKRBruker acquires Vutara, terms not disclosed
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July 23, 2014
13:39 EDTBRKRThermo Fisher Q2 results bode well for PerkinElmer, Bruker, says Mizuho
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12:16 EDTBRKRBruker says profitability to improve once CAM restructuring plan implemented
Bruker approved a plan to divest certain assets and implement a restructuring program in the Chemical & Applied Markets, CAM, division within the Bruker CALID Group. These divestment and restructuring actions are expected to result in a reduction of CAMís employee headcount by approximately 200 to 250 people and are expected to lead to CAM-related restructuring and other one-time charges of between $35M and $40M, of which $10M to $13M are expected to result in future cash charges for employee separation and facility exit costs, and $25M to $27M are estimated for inventory write-downs and asset impairments. The restructuring charges are expected to be incurred in the 2H14 and 1H15. Proceeds from potential divestitures cannot be estimated at this time. The company currently anticipates that the annual run-rate revenues for the CAM products and services will be reduced by approximately $50M-$70M, and profitability is expected to be improved by $15M to $20M annually, once the Plan is fully implemented. The company expects to provide further details on its CAM restructuring plans and financial outlook for 2014 on its Q214 earnings conference call scheduled for August 6. Additionally, as the Plan is implemented, management will continue to evaluate the estimated costs associated with the Plan and may revise its estimates of such costs and the related accounting charges.
12:09 EDTBRKRBruker to impliment restructuring program in CAM division
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09:11 EDTHOSHornbeck Offshore downgraded to Accumulate from Buy at Tudor Pickering
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July 20, 2014
12:21 EDTZINCHorsehead Holding has 40% upside, Barron's says
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July 17, 2014
10:00 EDTTFMOn The Fly: Analyst Initiation Summary
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07:22 EDTTFMThe Fresh Market initiated with an Underperform at Credit Suisse
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06:20 EDTBRKRBruker initiated with a Buy at Citigroup
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July 15, 2014
10:00 EDTTFMOn The Fly: Analyst Upgrade Summary
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09:33 EDTTFMThe Fresh Market upgraded to Buy from Neutral at Northcoast

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